Can remodeling my existing home bring me satisfaction?
As qualified, professional remodelers, our team at Palmer Custom Builders® is accustomed to hearing just how happy remodeling projects have made our clients over the years. Yet potential clients still ask, “Can a remodeling project increase my satisfaction with my existing home?”
We are thrilled to finally be able to say an emphatic “Yes!” based on solid evidence that goes far beyond our anecdotal responses. That’s because the National Association of the Remodeling Industry (NARI) collaborated with the National Association of Realtors® (NAR) to develop the 2017 Remodeling Impact Report. In the introduction to the study, the groups report that Americans spent $340 billion on remodeling projects in 2015, yet 35% of homeowners polled said they would rather move to a new home than remodel their existing home. This study examined both interior and exterior remodeling projects and then looked at cost recovery estimates as well as homeowner satisfaction.
Our favorite part of the study was despite what consumers may fear, undertaking a remodeling project is worth the time as well as the emotional and financial investment. After remodeling, an astonishing 75% of homeowners reported a greater desire to be in their home. In fact, 77% reported a major sense of accomplishment when thinking about their completed projects.
What were some of the projects that homeowners valued most? Creating a new master suite was by far the project that gave the most satisfaction with a “Joy score” (a rating consumer happiness with the overall project) scoring a perfect 10. A whopping 83% reported a greater desire to be home after completing the project, while 86% felt a major sense of accomplishment. While the study estimates that the typical project will recoup about 52% of the costs, satisfaction is obviously much higher.
Also scoring a perfect 10 on the Joy score was a Complete Kitchen Renovation, with 91% of homeowners who tackled it wanting to spend more time at home afterward. At approximately 62% of value recovered from this project, it also ranks high on financial returns.
While perhaps not as glamorous, hardwood flooring refinishing reaps surprising benefits. With a joy score of 10 and 100% recoupment on their investment, it’s not surprising that 88% of homeowners have a major sense of accomplishment after this upgrade. Another perhaps utilitarian project that pays off financially is new roofing, with typical projects yielding 109% of value recovered from the project.
No matter what type of project you are looking at, the takeaway is that if it matters to you and your family, your family will reap the benefits of a remodeling project – whether you measure that return in terms of enjoying your time in your current home now or recouping your investment when it comes times to sell.